President-elect Donald Trump launched the $TRUMP crypto meme coin, which generated more than $6.27 billion in market capitalization, a 600% rise in one day.

The speculative coin, which represents his "fight, fight, fight" response to the assassination attempt, was trading for $31 Saturday afternoon

President-elect Donald Trump on Friday launched an official crypto meme coin, which generated more than $6.27 billion in market capitalization -- a 600% rise in one day, according to USA Today.

The speculative coin, which represents his "fight, fight, fight" response to the assassination attempt, was trading for $31 Saturday afternoon for 200 million initially available and a planned 1 billion to be released over the next three years.

According to Bitcoin.com, meme coins are cryptocurrencies or digital assets inspired by internet memes and online communities.

"They often start as jokes or social experiments but can gain significant market value and attention due to their viral nature and community support," according to the website.

Although the crypto coin is not intended as an investment opportunity, its value rose substantially overnight, Axios reported.

My NEW Official Trump Meme is HERE! It's time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW. Go to https://t.co/GX3ZxT5xyq - Have Fun! pic.twitter.com/flIKYyfBrC

— Donald J. Trump (@realDonaldTrump) January 18, 2025

"It's time to celebrate everything we stand for: WINNING!" Trump said while announcing the meme coin Friday in a Truth Social post.

The meme features an image of Trump holding up his right fist and imposed over the word "FIGHT," which appears three times.

The image is reminiscent of Trump repeatedly imploring attendees to "fight" after he survived an assassination attempt that wounded his right ear during his political rally in Butler, Pa., on July 13.

Blockchain platform Solana developed the meme coin and intends to raise the initial allotment over the next three years, according to Forbes.

Trump Organization subsidiaries CIC Digital LLC and Fight Fight Fight LLC will own the additional 800 million $TRUMP meme coins. There is a three-year unlocking schedule, meaning they cannot sell all their holdings at once.

The planned release of the billion coins has a $31.37 billion fully diluted valuation.

The meme coin's official website includes a disclaimer saying the meme coin is not intended as an investment opportunity or a security and is not political or affiliated with any political campaign, political office or government agency.

Trump on Friday night hosted a "Crypto Ball" in Washington, D.C., and announced his official meme coin during the event, which was held for the growing cryptocurrency industry.

Several other Trump-themed meme coins have been created, but $TRUMP is the first to be officially endorsed by Trump.

In September, his sons Donald Jr. and Eric launched World Liberty Financial, a platform for people to borrow, lend and earn interest on crypto.

During his presidential campaign, Trump vowed to create a bitcoin national stockpile and said, "Crypto is the future. Let's embrace this incredible technology and lead the world in digital economy."

In December, he named venture capitalist and Elon Musk associate David Sacks as the artificial intelligence and crypto czar.